APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cloudr-group-limited" target="_blank" data-smartkarma-citation="entities:34459:1" rel="noopener">ClouDr Group (16897333D CH)</a> (CDG) is looking to raise up to US$500m in its upcoming Hong Kong IPO.</li>
<li>The firm is a digital chronic condition management solution provider and is market leader in China in terms of the number of SaaS installations in hospitals and pharmacies in 2020.</li>
<li>In this note, we share our thoughts on the company’s business, financials, and operating metrics.</li>
</ul>



ClouDr Group (16897333D CH) (CDG) is looking to raise up to US$500m in its upcoming Hong Kong IPO.
The firm is a digital chronic condition management solution provider and is market leader in China in terms of the number of SaaS installations in hospitals and pharmacies in 2020.
In this note, we share our thoughts on the company’s business, financials, and operating metrics.


ClouDr (智云健康) Pre-IPO - Strong Growth but Has Issues that Need to Be Clarified

Qingdao Ainnovation Technology Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/qingdao-ainnovation-technology-group-co-ltd" target="_blank" data-smartkarma-citation="entities:35405:1" rel="noopener">Qingdao Ainnovation Technology Group Co Ltd (1853807D CH)</a> is looking to raise up to US$157m in its Hong Kong IPO.</li>
<li>Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions. </li>
<li>While we don’t have a fundamental issue with the listing, at asking valuations, the firm appears to be fairly valued with limited upside on its FY23 numbers. </li>
</ul>



Qingdao Ainnovation Technology Group Co Ltd (1853807D CH) is looking to raise up to US$157m in its Hong Kong IPO.
Qingdao AInnovation Technology Group is an AI solutions provider offering full-stack AI-based products and solutions. 
While we don’t have a fundamental issue with the listing, at asking valuations, the firm appears to be fairly valued with limited upside on its FY23 numbers. 


Qingdao AInnovation Technology Group IPO - Fairly Valued with Mediocre Cornerstones

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

LG Energy Solution / Equity Capital Markets

<ul>
<li><strong>Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. </strong></li>
<li>Trading debuts across different markets have been poor. But there are some trades to be put for lock-up expiries.</li>
<li>This will be our last week of ECM weekly notes for the year. Our weekly notes will be back in January when things start to pick up again.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs. 
Trading debuts across different markets have been poor. But there are some trades to be put for lock-up expiries.
This will be our last week of ECM weekly notes for the year. Our weekly notes will be back in January when things start to pick up again.


ECM Weekly (19th December 2021) - LG Energy, Hyundai Engineering, Chervon, Sirnaomics, JG Mag A/H

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>In <a href="https://www.smartkarma.com/insights/sf-intra-city-industrial-ipo-delivering-losses" target="_blank" data-smartkarma-citation="insights:61272" rel="noopener">SF Intra-City Industrial IPO: Delivering Losses</a>, we noted that SF Intra-city’s fundamentals are less than inspiring. </li>
<li>In <a href="https://www.smartkarma.com/insights/sf-intra-city-industrial-ipo-valuation-insights" target="_blank" data-smartkarma-citation="insights:61939" rel="noopener">SF Intra-City Industrial IPO: Valuation Insights</a>, we noted that the IPO price is unattractive in the context of its unappetizing mix of high growth at the cost of losses.  </li>
<li>The IPO price is HK$16.42 and it closed -9% lower in the grey market. Our base-case DCF value of HK$15.44 per share is a 6% downside to the IPO price.  </li>
</ul>


In SF Intra-City Industrial IPO: Delivering Losses, we noted that SF Intra-city’s fundamentals are less than inspiring. 
In SF Intra-City Industrial IPO: Valuation Insights, we noted that the IPO price is unattractive in the context of its unappetizing mix of high growth at the cost of losses.  
The IPO price is HK$16.42 and it closed -9% lower in the grey market. Our base-case DCF value of HK$15.44 per share is a 6% downside to the IPO price.  


SF Intra-City Industrial IPO: Trading Debut

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hangzhou-sf-intra-city-industrial-co-ltd" target="_blank" data-smartkarma-citation="entities:34916:1" rel="noopener">SF Intra-City (9699 HK)</a> (SFIC) raised US$276m at HK$16.42, the bottom-end of the IPO price range.</li>
<li>SFIC is the intra-city on-demand delivery arm of SF Holding but operates as an independent business unit. </li>
<li>In this note, we will discuss deal dynamics, update valuation, and share a table of valuation at different price levels</li>
</ul>



SF Intra-City (9699 HK) (SFIC) raised US$276m at HK$16.42, the bottom-end of the IPO price range.
SFIC is the intra-city on-demand delivery arm of SF Holding but operates as an independent business unit. 
In this note, we will discuss deal dynamics, update valuation, and share a table of valuation at different price levels


SF Intra-City (顺丰同城) IPO Trading - Poor Demand

China

Hangzhou SF Intra-city Industrial Co., Ltd. operates as a third-party direct-run real-time logistics service provider. The Company provides intra-city logistics, new retail store distribution, and other services. Hangzhou SF Intra-city Industrial conducts businesses in China.

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SF Intra-City (9699 HK)

ClouDr (智云健康) Pre-IPO - Strong Growth but Has Issues that Need to Be Clarified

ClouDr Group (16897333D CH) (CDG) is looking to raise up to US$500m in its upcoming Hong Kong IPO. The firm is a digital chronic condition...

Clarence Chu

Qingdao AInnovation Technology Group IPO - Fairly Valued with Mediocre Cornerstones

Qingdao Ainnovation Technology Group Co Ltd (1853807D CH) is looking to raise up to US$157m in its Hong Kong IPO. It is an AI solutions provider...

Clarence Chu

ECM Weekly (19th December 2021) - LG Energy, Hyundai Engineering, Chervon, Sirnaomics, JG Mag A/H

Aequitas Research puts out a weekly update on the deals that have been covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

SF Intra-City Industrial IPO: Trading Debut

The IPO price is HK$16.42 and shares will be listed on 14 Dec. Our base-case DCF value of HK$15.44 per share is a 6% downside to the IPO price.

Arun George

SF Intra-City (顺丰同城) IPO Trading - Poor Demand

SF Intra-City (9699 HK) (SFIC) raised US$276m at HK$16.42, the bottom-end of the IPO price range. In this note, we will discuss deal dynamics and...

Sumeet Singh

Price Gauge

52-week Range

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